The Holland-based Macatawa Bank (Nasdaq: MCBC) on Thursday afternoon reported $8.9 million in net income for the final three months of 2020, or 26 cents per diluted share. That compares to $8.1 million, or 24 cents per diluted share, in the fourth quarter of 2019.
Net income for all of 2020 totaled $30.1 million, 88 cents per diluted share, down from the $31.9 million, or 94 cents per diluted share, that the bank recorded for 2019.
“We are pleased to report solid profitability for the fourth quarter of 2020 and for the full year 2020,” President and CEO Ronald Haan said in a statement. “The COVID-19 pandemic has continued to have a significant impact on our community, but the company has again proven resilient and consistent in serving the financial needs of our customers and our community.”
Macatawa Bank recorded a $3 million loan-loss provision in 2020, versus a negative $450,000 for 2019, and the bank continues “to monitor challenges relating to the impact of COVID-19 on our customers and our business,” Haan said.
During the year, Macatawa Bank originated 1,738 loans under the federal Paycheck Protection Program for $346.7 million. The U.S. Small Business Administration has since forgiven $113.5 million in PPP loans the bank wrote.
“We look forward to further supporting the communities we serve through additional PPP lending (in 20201), and we believe our strong balance sheet should provide the strength and stability to weather the remainder of these difficult times,” Haan said.
Macatawa Bank has 26 offices in Ottawa, Kent and Allegan counties with total assets of $2.64 billion at the end of 2020.